As Hong Kong Endeavors to become a Middle for Digital Assets, The Singaporean Megabank DBS Group, Which is Entirely Controlled by the Singaporean Government, is making Arrangements to Extend its Cryptocurrency Services to the Chinese Territory.
According to a Report from Bloomberg dated February 13, DBS Bank intends to present an application for a permit that would enable it to provide Cryptocurrency Trading Services to clients in Hong Kong.
Sebastian Paredes, the CEO of DBS Bank Hong Kong, said that the Company intends to present an application for a permit in Hong Kong so that the bank will have the option to offer Digital assets to clients located in Hong Kong.
According to Paredes, DBS is “Very Delicate” to the risks that are involved with Digital assets, yet the Company is Excited about the newly proposed Crypto-Related rules in Hong Kong. When the legislation have been Clarified Completely and DBS “sees properly the Framework,” the bank is Prepared to become quite possibly the Earliest lender in Hong Kong to provide Cryptocurrency Services, as he said.
A Couple of years ago, DBS Bank took a Significant jump into the Cryptocurrency Business by declaring plans to create an Institutional Cryptocurrency Exchange in Singapore around the end of the year 2020. Additionally, the business has been aiming to widen the Accessibility of its Cryptocurrency Platform to retail investors and has been using Decentralized Financial Technology to Collaborative Initiatives with the Central Bank of Singapore.
The announcement comes shortly after DBS revealed that its Annual net Profit had Increased by 20%, reaching a record 8.19 billion Singaporean dollars (SGD), which is comparable to $6.7 billion in the United States.
The Total Revenue rose by 16% to 16.5 Billion Singapore Dollars, which is Identical to $12.4 Billion, Surpassing 16 billion Singapore Dollars for the first time ever.
Amidst China’s special Administrative Region Continuing to Reiterate its Pro-Crypto Position, DBS Bank has declared Ambitions to extend its Operations to Hong Kong. Paul Chan, the finance secretary of Hong Kong, made the Announcement in January that the Hong Kong Government is available to working with Crypto and Fintech Businesses in 2023. The Official also said that a huge number of Companies in the sector have Indicated their Expectations to either extend their Operations in Hong Kong or to go public on the local markets.
According to Prior Reports, the legislature of Hong Kong has enacted legislation that would bring about the Foundation of a Permitting System for Virtual Asset Service Providers in the month of December 2022. The new Regulatory Framework is being Developed fully intent on giving Cryptocurrency Exchanges the same level of market Recognition that Conventional Financial Institutions are now afforded by the Current Regulatory System.
Singapore has taken on a more Rigorous Approach to the Cryptocurrency Business directly following big industry failures in 2022. This comes at when Hong Kong authorities have been Gradually loosening up their position on Cryptocurrencies in Recent months. Following the Disappointment of the Singaporean Cryptocurrency Hedge Fund Three Arrows Capital in September, the Monetary Authority of Singapore introduced legislation in October to prohibit a wide range of bitcoin loans.